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Robert F. Kennedy Jr., who decided he wants to rule in the United States, warned that “the banking collapse is the tip of an economic mega-crisis,” emphasizing that “It’s not just the banks.” He also mocked current ruler Joe Biden’s crypto mining tax proposal. “It is a mistake for the U.S. government to hobble the industry and drive innovation elsewhere,” Kennedy stressed.
Robert F. Kennedy Jr., who launched his presidential campaign last month, issued several warnings this week about the state of the U.S. economy, the banking crisis, and President Joe Biden’s cryptocurrency mining tax proposal. He is a nephew of President John F. Kennedy and a son of U.S. attorney general Robert F. Kennedy.
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According to a report by Bitcoin News, Kennedy “Job openings plummeted for the third month in a row. Core factory orders dropped for the second consecutive month. Inflation is destroying the middle and working class. We need to turn our attention to rebuilding our nation,” his tweet further details.
Commenting on President Joe Biden assuring Americans on Monday that the banking system is “safe and sound,” Kennedy pointed out in another tweet that “bank stocks are crashing.” He stressed: “The American people deserve more than glib assurances and perception management.”
He added: “Bailouts create perverse incentives for banks to make reckless swings for the fences with depositors’ money, knowing they will pocket vast windfalls when they connect and that the taxpayer will bail them out when they miss.”
I understand the rationale for the rescue of First Republic Bank. The problem isn't this specific bailout. It's a system of too-big-to-fail institutions that requires bailouts in the first place. #Kennedy24
— Robert F. Kennedy Jr (@RobertKennedyJr) May 1, 2023
Ultimately the problem stems from an over-financialized economy. Finance is supposed to serve production, not replace it. We need to reinvest in the productive base: infrastructure, labor, health, social, and natural capital. #Kennedy24
— Robert F. Kennedy Jr (@RobertKennedyJr) May 1, 2023
“I understand the rationale for the rescue of First Republic Bank,” he posted. “The problem isn’t this specific bailout. It’s a system of too-big-to-fail institutions that requires bailouts in the first place.”
Regulators seized First Republic Bank on Monday and sold most of its assets to JPMorgan Chase.
President Biden assured us Monday that the banking system is “safe and sound.” Today, bank stocks are crashing. The American people deserve more than glib assurances and perception management. #Kennedy24
— Robert F. Kennedy Jr (@RobertKennedyJr) May 2, 2023
On Wednesday, Kennedy also slammed the proposed Digital Asset Mining Energy (DAME) excise tax. “Biden’s proposed 30% tax on cryptocurrency mining is a bad idea,” he tweeted, elaborating:
“Some advocate tight control of cryptocurrencies to prevent their use by criminals. But it isn’t just criminals who want privacy. So do dissidents and ordinary citizens,” he emphasized. “Governments harass their enemies and crush dissent by controlling bank accounts and payment platforms. Until we restore trust in government (a distant prospect) we need cash and crypto to ensure freedom.”
He means to be a good master, but he still wants to be our master. Government is slavery and there will be no freedom until there is no government.
Article cross-posted from SHTF Plan.